Constellation Energy (CEG) Company Report

Constellation Energy will implement key senior leadership changes upon closing its acquisition of Calpine, expected in Q4 2025.
Kathleen Barrón, EVP and Chief Strategy and Growth Officer, will retire mid-2026 and transition to Senior Advisor to the CEO to ensure a seamless handover.
Daniel Eggers is promoted to Senior EVP, Finance and Data Economy, while Shane Smith succeeds him as CFO with a $725,000 base salary and incentive package.
Andrew Novotny of Calpine will join as Senior EVP, Power Operations, overseeing Constellation’s natural gas, hydro, solar, wind and Calpine fleets.

Nov 21, 2025, 1:00 PM

8-K

Constellation Energy secures $1B DOE loan to restart Three Mile Island reactor

CEG

Debt Issuance

New Projects/Investments

The U.S. DOE approved a $1 billion federal loan to Constellation Energy to restart the Unit 1 nuclear reactor at the renamed Crane Clean Energy Center by 2027, boosting its 835 MW capacity for the PJM Interconnection grid.
The project, estimated to cost $1.6 billion, includes a 20-year power purchase agreement with Microsoft to support AI-driven data centers.
The restart is expected to create about 600 jobs and supply electricity to roughly 800,000 homes, aiming to stabilize Mid-Atlantic energy costs.
Constellation Energy’s stock price jumped 5% following the loan announcement.
The loan is part of the Energy Dominance Financing program under the “One, Big, Beautiful Bill,” contributing to a broader $250 billion energy infrastructure initiative.

Nov 18, 2025, 11:49 PM

Bloomberg

Constellation secures $1 billion DOE loan to restart Crane Clean Energy Center

CEG

New Projects/Investments

Debt Issuance

Hiring

Constellation Energy Generation entered a DOE-guaranteed $1.0 billion multi-advance term loan facility to support the restart and repowering of the 835 MW Christopher M. Crane Clean Energy Center in Pennsylvania.
The facility, provided through the Federal Financing Bank, carries an interest rate of 0.375% per annum over U.S. Treasury yields, with semi-annual interest payments and a bullet maturity on November 17, 2055.
The project is expected to create 3,400 jobs and deliver 835 MW of baseload carbon-free nuclear power operating 24/7, bolstering regional energy supply and economic growth.

Nov 18, 2025, 10:06 PM

8-K

Constellation Energy reports Q3 2025 results and Calpine deal update

CEG

Earnings

Guidance Update

M&A

Delivered Q3 GAAP EPS of $2.97 and adjusted EPS of $3.04 (up $0.30 YoY), supported by higher generation volumes and a 96.8% nuclear fleet capacity factor.
Narrowed FY 2025 standalone adjusted EPS guidance to $0.905–0.945 per share; combined company guidance (including Calpine) to be provided on the Q4 call.
Calpine acquisition remains on track for Q4 close pending DOJ approval, resulting in $14 billion of pro forma liquidity post-closing.
Secured a 50-year Conowingo Dam operation agreement in Maryland and progressing front-of-the-meter PPAs with hyperscalers, with deals nearing completion.

Nov 7, 2025, 3:00 PM

Transcript

Constellation Energy reports Q3 2025 results

CEG

Earnings

Guidance Update

M&A

Delivered Q3 GAAP EPS of $2.97 and adjusted operating EPS of $3.04, up $0.30 year-over-year
Achieved fleet-wide nuclear capacity factor of 96.8%, renewable capture at 96.8%, and gas dispatch match at 95.5% in the quarter
Narrowed 2025 standalone adjusted operating EPS guidance to $905–$945 per share, excluding any Calpine impact
Calpine acquisition remains on track; combined guidance and modeling tools due on the Q4 call, and the deal will leave the company with $14 billion of liquidity post-close
Advancing data economy and demand response initiatives with front-of-meter PPAs in late stages and a pipeline targeting 1,000 MW of demand response capacity by upcoming auctions

Nov 7, 2025, 3:00 PM

Transcript

Constellation announces Q3 2025 results

CEG

Earnings

Guidance Update

M&A

Constellation reported Q3 2025 GAAP EPS of $2.97 and Adjusted Operating EPS of $3.04, up from $2.74 in Q3 2024.
Narrowed its full-year 2025 standalone Adjusted Operating Earnings guidance range to $9.05–$9.45 per share.
Reached a historic 50-year settlement with Maryland for Conowingo Dam and filed for expedited permitting of up to 1,500 MW to support reliability.
Nuclear fleet ran at nearly full power, achieving a 96.8% capacity factor and producing 42 TWh of emissions-free electricity in Q3.
Calpine acquisition remains on track to close in Q4 2025, enhancing its growth profile.

Nov 7, 2025, 3:00 PM

Presentation

Constellation Energy reports Q3 2025 earnings and strategic updates

CEG

Earnings

Guidance Update

M&A

Constellation delivered GAAP EPS of $2.97 and adjusted operating EPS of $3.04, both above Q3 2024 results.
Full-year standalone adjusted operating earnings guidance narrowed to $905–$945 per share, excluding impacts from the Calpine acquisition.
The Calpine transaction is on track to close in Q4 pending DOJ approval, with no shutdown-related delays, adding coast-to-coast generation capabilities.
Post-close liquidity is expected to be $14 billion, supported by renewed and upsized credit facilities and an investment-grade rating.
Operational growth initiatives include a 50-year Conowingo Dam agreement, 835 MW Crane restart, 160 MW Byron/Braidwood uprates, and a 1,000 MW AI-enabled demand response pipeline.

Nov 7, 2025, 3:00 PM

Transcript

Constellation Energy reports Q3 2025 results

CEG

Earnings

New Projects/Investments

Conowingo Dam settlement: Reached agreement with Maryland regulators securing water quality certification, clearing the way for relicensing and continued operation of the Conowingo hydroelectric facility.
Earnings: GAAP net income of $930 million ( $2.97 EPS) and adjusted operating earnings of $952 million ( $3.04 EPS) in Q3 2025, versus $1,200 million ( $3.82 EPS) and $860 million ( $2.74 EPS) in Q3 2024.
Nuclear performance: Produced 46,477 GWh with a 96.8% capacity factor in Q3 2025, up from 45,510 GWh and 95.0% in Q3 2024.
Fleet operations: Gas and pumped storage dispatch match rate was 95.5% (vs. 98.2% in Q3 2024) and renewable energy capture was 96.8% (vs. 96.0%).

Nov 7, 2025, 12:00 PM

8-K

Constellation Energy reports Q3 2025 results

CEG

Earnings

Guidance Update

M&A

Constellation Energy reported GAAP net income per share of $2.97, down from $3.82, and adjusted operating earnings per share of $3.04, up from $2.74 in Q3 2024.
The company narrowed its full-year 2025 adjusted operating earnings guidance range to $9.05–$9.45 per share.
The Conowingo hydroelectric facility received a water quality certification from the Maryland Department of the Environment, clearing the way for re-licensing and continued operations.
The nuclear fleet generated 46,477 GWh in Q3 2025, with a 96.8% capacity factor (excluding Salem and STP), compared to 45,510 GWh and 95.0% in Q3 2024.

Nov 7, 2025, 11:50 AM

Press Release

Clearway Energy reports third quarter 2025 results

CEG

Earnings

Guidance Update

M&A

Net Income of $60 million and Adjusted EBITDA of $385 million in Q3 2025; Cash from Operating Activities totaled $225 million and CAFD was $166 million.
2025 CAFD guidance narrowed to $420 million–$440 million, and 2026 CAFD guidance set at $470 million–$510 million.
Signed binding agreement to acquire a 613 MW operational solar portfolio, with a net capital commitment of $210 million–$230 million, expected to close in H1 2026.
Raised $50 million through Class C equity issuances and identified over 2 GW of growth opportunities for 2026/2027 COD via sponsor-enabled drop-downs and repowerings.

Nov 4, 2025, 9:01 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Constellation Energy.